Casino Guichard (EU:CO)
Graphique Historique de l'Action
3 Mois : De Mar 2019 à Juin 2019
By Anthony Shevlin
Casino Guichard-Perrachon SA (CO.FR) said late Tuesday that it remains focused on its strategic and financial objectives for 2019-2021 in light of Moody's decision to downgrade the company's financial rating.
"Casino Group takes note of Moody's decision to downgrade its financial rating from Ba1 negative outlook to Ba3 negative outlook," said the retailer.
Casino said the ratings cut has no impact on the availability or cost of the group's financial resources and noted Moody's positive comments on the company's limited and decreasing exposure to the declining hypermarket format.
"The group notes that Moody's bases its analysis on Casino's gross debt at the end of 2018, which takes into account neither the disposal plan nor the future reduction in bond debt," said Casino.
The French retailer highlighted its recently increased asset disposal plan target, which it raised to at least 2.5 billion euros ($2.8 billion) by the first quarter of 2020, from EUR1 billion.
Casino said it also plans to generate free cash-flow in France of EUR500 million, enabling it to cover its dividends and financial expenses.
Write to Anthony Shevlin at email@example.com; @anthony_shevlin
(END) Dow Jones Newswires
April 03, 2019 01:46 ET (05:46 GMT)
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